Recording drums to one track. Help.

This is my first post. I have recently begun the great plunge into the world of audio recording. This site has already helped me so much and i'm glad to finally become a member.

My band is currently preparing to record our first EP. With what money we could scrounge up we managed to get mics in order to mic everything. We were also given an Alesis Multimix 8 USB mixer as a gift to use as our input into our computer (recording into Adobe Audtion). With this setup, we can only record the drums as one whole track do to the USB input (technically 2 as it is stereo to allow panning and such).
I have read many articles about equalizing, compressing, etc each seperate drum and I was curious as to how i should go about compressing, equalizing, etc the track as a whole. I realize this doesn't give me as much room to work, but there has to be some sort of approach.
Each channel on the mixer has a 3-band equalizer which will allow for some minor tweaking before it is mixed through the USB. Should there be a certain way I should Equalize eah channel as it will be done through hardware?

I only wish to capture the best sound I can with this setup.
Thanks a ton!